CHICAGO, Nov. 9, 2021 /PRNewswire/ -- With a rising emphasis on power tools, vendors are operating in the market also revolutionizing their procedures by leveraging automated manufacturing systems. In the recent years, the competition among the players in the industrial machinery industry is increasing rapidly with the increasing trends of innovation. Mergers and acquisition have become common strategies for the players to expand their product portfolio in the global market. Arizton's research reports on the industrial machinery offering an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market insights. Observing these rapid and drastic changes in demand and supply patterns encouraged the industry analysts at Arizton to publish exhaustive and data-driven insights on these recent trends in the industry.
1. Machine Tools Market - Global Outlook and Forecast 2021-2026
The global machine tools market size to reach USD 122 billion by 2026, growing at a CAGR of 8.5% during the forecast period. Machine tools are mostly utilized in the assembly of precision parts that are more prominent mostly in the automotive and aerospace industries. On the hi-tech manufacturing side, precision manufacturing, which was traditionally dominated by countries such as the US, Germany, Italy, Switzerland, and France has now shifted toward economies such as China, Singapore, and India. New entrants are offering superior technology to grab the opportunity to bring in their products and compete with existing players in the global machine tools market.
The machine tools industry is always been an investment-driven market. The machine tools market across the globe witnessed huge investments owing to the growth in industrialization. The ongoing transformation in several end-user industries to brace for automation will aid the sales of machine tools in the global market. Rising adoption of IoT, internet access, and growing demand for cloud computing is driving the global machine tools market.
Interesting Facts to Know!
Companies with better financial resources are developing innovative products to render the competitors' products non-effective even before their launch in the market or before their R&D costs are recovered. Therefore, vendors must develop new technologies.
The demand for machine tools is expected to go up in the coming years due to expansions and investments by private and public players.
Large companies from the develop regions such as Europe and North America are adoption more and more advanced machines in the machine tools market to boost their growth across the regions.
Germany is famous for superior automotive production. The machine tools consumable industries have significant potential and benefited the market in the past years across the countries during the forecast period.
2. Power Tool Accessories Market - Global Outlook and Forecast 2020-2025
Power tool accessories market is expected to reach USD 16.97 billion by 2025, growing at a CAGR of 6.15%. The rising development in Li-ion technology and extended possibilities to use the progress in the technology is expected to drive the power tools accessories market growth during the forecast period. Over the next few years, the rising dominance of social media and e-commerce websites has the global revival after the COVID-19 pandemic which in turn, will pose a growth curve for the power tools and accessories market across all regions. Atlas Copco, Apex Tool Group, Stanley Black & Decker, and Bosch are some of the major players in the power tool accessories market.
APAC will be the hotspot for the advent of electric and plug-in vehicles in the next decade is enhancing new opportunities in the automotive and its aftermarket industry that can effectively utilize power tools and accessories. For instance, Falabella is one of the renowned vendors for DIY enthusiasts in Chile, which supports the growth of the power tool accessories market. The efforts from Falabella to expand its online presence can be a further growth opportunity for the vendor during the forecast period.
Interesting Facts to Know!
In 2019, top 18 companies including Bosch, Stanley, and Milwaukee accounted for over 85% share of the global power tool accessories market.
Bosch is the only vendor that offers cordless power tools that support inductive charging techniques which is expected to fuel the growth of the global market.
Extending the product portfolio with power tools and accessories that are customized and ideal for DIY enthusiasts can be an effective strategy for most of the competitive vendors in the market.
The EV industry can be highly benefitted with the advancement in power tools and accessories. The power tool manufacturers are focusing on developing wireless tools that can connect with the internet.
3. Power Cutter Market - Global Outlook and Forecast 2020-2025
Power cutter market is expected to reach USD 7.06 billion by 2025, growing at a CAGR of 5.48% during the period 2020-2025. Robust industrialization and expansion of sectors, such as manufacturing in fast-developing countries, delivers an optimistic narration for power cutter market players. The rise in the application of precision parts and increasing global consumer traffic are expected to drive the demand for power cutters in the aerospace industry. The US is the leading exporter of manufacturing technology products, with exports mostly targeted at Europe, especially Germany, and in Mexico and Canada. The power cutter market in the US is expected to reach 1.23 million units by 2025. The presence of hypermarkets, supermarkets, and other specialty stores such as Home Depot, which offers more DIY projects, are also driving the market for power cutters, which eventually rises residential segments in the global power cutter market. The growth in the production of light vehicles will create additional demand for new welded automotive components. This will create a potential demand for metal cutting tools during the forecast period.
Interesting Facts to Know!
With the rise in green building regulations, the rising cost of manual labor, high disposable income, and rise in immigration rates, the demand for the power cutters is expected to witness a surge during the forecast period.
The US is the leading exporter of manufacturing technology products, with exports mostly targeted at Europe, especially Germany, and in Mexico and Canada in the Americas. Thereby, it is expected to fuel the demand for power tools market.
APAC in the power cutter market is expected to generate incremental revenue of USD 560.41 million during the forecast period.
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